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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #28,941
  • May 1, 2009 2:58am May 1, 2009 2:58am
Quoting adam777
Hi Jaroo

Quick question re AUDUSD Daily and PB's in general, do you generally cancel a potential pinbar when the next bar retraces and exceeds: the left eye (your pink line), a 61.8% retrace, or the back of the bar?

Cheers

Adam
If it breaks the top of the potential PB it has failed and I'll cancell my order.

If Price has retraced to the general area of the left eye, it's actually a good sign that the PB will succeed. Again depending how it breaks. It's these Highs around the .7230ish (green area on chart) that seems to be holding it up.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #28,942
  • May 1, 2009 3:07am May 1, 2009 3:07am
Morning All

Just a quick tech question...I have posted my aud/usd chart with MACD...which I am adding to my naked arsenal...I have added a moving average to the indicator to help the show the direction of the macd a little clearer so as to help with establishing divergenge.

I have used the settings as
Period=1
MA Method= Simple
Apply to = Previous periods data.

My question is have I done this correctly and is it of use?

Thanks.
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  • #28,943
  • May 1, 2009 3:11am May 1, 2009 3:11am
GM jarroo,
i forgot to ask u about this the other day, glad that u presented a chart related to my question(but i can't recall if it's almost exactly the similar price pattern &/or currency pair):

can the April29 big upmove be considered the (steve nison) price project(ion) of April20's big downmove? the difference of these two, in range, is about 30pips.. Thanks
  • #28,944
  • Edited 3:28am May 1, 2009 3:20am | Edited 3:28am
Quote
Just a quick tech question...I have posted my aud/usd chart with MACD...which I am adding to my naked arsenal...I have added a moving average to the indicator to help the show the direction of the macd a little clearer so as to help with establishing divergenge.

I have used the settings as
Period=1
MA Method= Simple
Apply to = Previous periods data.

My question is have I done this correctly and is it of use?
Greetings Jeev121,
If the bold letters above is what u aim for, then u have correctly added a moving average to MACD.

i think u have used the default MT4 MACD, which lacks the MACD line (or signal line). the "regular" MACD has both lines. fortunately, u can search thru FF (u can use the SEARCH tool) to find a "regular"/"normal" MACD which has those 2 lines & the histogram. when u have this "regular" MACD, u dont need that yellow line u attached, unless u want another MA overlayed on the MACD.

As with divergences & benefit of use (of the MA u attach or the MACD, not sure which of which u are referring to), it depends. others , use that default MACD & feel no need for the "regular" one. some use the divergence of the MACD histogram, others use the divergence on the MACD line instead.

If u are into naked charts, & want to start with the correct footing, u might wanna avoid adding in more & more indicators. because more indicators in every chart MAY slow your thought process & trading decision making. Most traders started with 2-5 indicators, then added further. but somehow in the middle or end of their trading career, ended up reducing the number of indicators until almost 0. This thread advocates "less indi's, the better & concentrating on price action"

Hope i shed a little light.
  • #28,945
  • Edited 3:37am May 1, 2009 3:30am | Edited 3:37am
Thanks SC...that does help...I will do some searching on the site after a little breakfast...tummy rumbling.

I have also put together a quick spreadsheet showing the closing times for various markets I am looking at on the Daily and 4Hr time frame for FX Pro MT4...all times are UK times...this has certainly helped me focus my time spent at the PC...hope this is of help to any others...
Attached File(s)
File Type: xls FX Pro Candle UK Closing Times.xls   27 KB | 554 downloads
  • #28,946
  • May 1, 2009 3:53am May 1, 2009 3:53am
Quoting Jeev121
Morning All

Just a quick tech question....
Yep, standard default settings.
12/26/9/close.
Mine are kept flat to the bottom of the screen and I only enlarge it when I see a setup, checking to see if divergence can be added to the list of confluences.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #28,947
  • May 1, 2009 4:47am May 1, 2009 4:47am
Previous days bar almost 100 pips larger than the day bar everyones eyeing lot of pips for this particular pair. I like the 7300 level and the divergence but feel this fruit needs to ripen and will look at todays bar and sundays combined and look for mondays early london session for more conformation.Just my 2cents
  • #28,948
  • May 1, 2009 4:50am May 1, 2009 4:50am
Wish someone would feed that euro bear some honeyhttp://www.forexfactory.com/images/icons/icon6.gif
  • #28,949
  • May 1, 2009 4:57am May 1, 2009 4:57am
Dear Mike, Jaroo

Please tell me if it is the great PB for setting up?
Thank you
forexngo
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  • #28,950
  • May 1, 2009 5:31am May 1, 2009 5:31am
How do you guys who trade daily bars handle Friday? If I wait until after the close of the bar at 23.00 BST (which is what I would normally do) then the markets are closed until Sunday, so do you just not trade Fridays at all? The alternative would be to take a trade just before the close and then hold it until Sunday I guess.
When in doubt, sit on your hands...
  • #28,951
  • May 1, 2009 6:38am May 1, 2009 6:38am
I feel your surroundings can empact your trading.My office at home has a large table with nothing on it but my computer and window view, where I feel comfortable.Yet Ive come to notice my best trading is done from my laptop on a clear table out by the pool.The london session is the middle of the night here and the stars and fresh air are great company.I would suggest to anyone to clean up your trading enviroment and I bet your trading improves.
  • #28,952
  • May 1, 2009 6:42am May 1, 2009 6:42am
Quoting 4fun
I feel your surroundings can empact your trading.My office at home has a large table with nothing on it but my computer and window view, where I feel comfortable.Yet Ive come to notice my best trading is done from my laptop on a clear table out by the pool.The london session is the middle of the night here and the stars and fresh air are great company.I would suggest to anyone to clean up your trading enviroment and I bet your trading improves.
Made me smile... I'd love to go and sit by the pool... One day, one day...
When in doubt, sit on your hands...
  • #28,953
  • May 1, 2009 6:46am May 1, 2009 6:46am
For those who like to play with fire check those 15min pins on e/u my 50 fib is @1.3234 and [email protected] and ofcourse the 1.3300 level with the 2pip spread this is fun stuffhttp://www.forexfactory.com/images/icons/icon14.gif
  • #28,954
  • May 1, 2009 7:22am May 1, 2009 7:22am
Quoting 4fun
For those who like to play with fire check those 15min pins on e/u my 50 fib is @1.3234 and [email protected] and ofcourse the 1.3300 level with the 2pip spread this is fun stuffhttp://www.forexfactory.com/images/icons/icon14.gif
On to it. Still half long from the 08:30 GMT one. You're right, it has been fun the past couple of days.
Bundy's status today: "Waiting..."
  • #28,955
  • May 1, 2009 7:39am May 1, 2009 7:39am
Could be a 2 day pin developing on AUD/NZD daily chart? I guess we'd want to see a close below the PPZ at 1.2750 before considering this trade? On the question of traffic, is traffic more significant at the level of the pin, or at the level it will (if all goes well) move to (as in this case)?

This also brings me back to my previous question re what to do about Friday trades? Your thoughts and suggestions would be welcome...

Thanks, G
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When in doubt, sit on your hands...
  • #28,956
  • May 1, 2009 7:51am May 1, 2009 7:51am
Quoting gododdin
How do you guys who trade daily bars handle Friday? If I wait until after the close of the bar at 23.00 BST (which is what I would normally do) then the markets are closed until Sunday, so do you just not trade Fridays at all? The alternative would be to take a trade just before the close and then hold it until Sunday I guess.
Hey G,
I'm from the middle of the US, so CT timezone (one hour behind NY). So the market closes for the week at 3:00pm. I use friday bars the same as any other day with 1 major exception. I normally place my orders between 4-5pm CT and let them get triggered... but I wait to place my orders from Fridays' price action till AFTER the Sunday open. That way, I'm not automatically filled if there are any gap openings. I usually place my orders in the middle of the Asian session (8-10pm CT). That way there is some liquidity.

Hope this helps.

Josh
  • #28,957
  • May 1, 2009 7:56am May 1, 2009 7:56am
Quoting Jduester
Hey G,
I'm from the middle of the US, so CT timezone (one hour behind NY)....
That's great Josh, just what I needed. Many thanks!
When in doubt, sit on your hands...
  • #28,958
  • May 1, 2009 8:18am May 1, 2009 8:18am
Which way we'll travel today....?
No, one knows, no one cares, follow your trading plan regardless if you're long or short.

p.s. @ Braider. I closed ALL my longs due to 3350 test failure..

Enjoy the weekend..


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  • #28,959
  • May 1, 2009 8:27am May 1, 2009 8:27am
Great Tip Bundyraider! I will put that to use.

Quoting bundyraider
Using MT4?

Did you know you could save a Default.tpl template?
(Any chart created will use the saved timeframe as a bonus. So you can have new charts automatically open as a daily chart.)

edit: OK I see you are using FXSols charts. lol Got it!
  • #28,960
  • May 1, 2009 8:39am May 1, 2009 8:39am
It was definitely an eye-opener to me when I placed two orders this past week that risked much more than 2-3% of my account. Unfortunately, both were losers.

From what I've read here so far, R:R isn't necessarily as important as proper money management. My question for the more experience traders is: Do you still find yourself paying close attention to how much you are risking in relation to your account? Does it tend to me 2-3% as James recommends?

Thanks!
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